Oil prices experienced a decline on Tuesday due to an anticipated increase in production by OPEC+ and the resumption of oil exports from Iraqi Kurdistan through Turkey, raising expectations of an imminent surplus in supply.
The November futures contracts for Brent crude, set to expire on Tuesday, fell by 47 cents, or 0.69%, reaching $67.50 per barrel as of 0012 GMT. Meanwhile, the more actively traded December contracts decreased by 43 cents, or 0.64%, settling at $66.66.
West Texas Intermediate (WTI) crude was priced at $63.05 per barrel, down by 40 cents or 0.63%. These declines follow Monday’s losses, where both Brent and WTI saw declines of more than 3% at the close, marking their largest daily drops since early August 2025.
Analyst Tony Sycamore from IG noted in a report that the drop was influenced by the resumption of crude exports from Iraqi Kurdistan and expectations that the OPEC+ coalition would agree to increase production for November during its upcoming meeting next week.
Three informed sources indicated that the coalition is likely to approve an additional increase of at least 137,000 barrels per day in their Sunday meeting. Ed Moyer, an analyst at MAREX, commented, “Even though OPEC+ is producing below its quota, the market does not seem receptive to the fact that more oil is on the way.”
In parallel, Iraq’s Ministry of Oil announced that crude oil began flowing on Saturday through a pipeline from the Kurdistan region to Turkey for the first time in two and a half years, following a temporary agreement that broke the stalemate.
The market has remained cautious in recent weeks, weighing supply risk primarily stemming from drone attacks on Russian refineries against concerns regarding increased supply and weak demand.